Payrolls Down in Many States, but so is Jobless Rate
(Reuters) – The number of people on companies’ payrolls shrank in more than half the U.S. states in May, even though the jobless rates in many places continued to improve, Labor Department data released on Friday showed.
The number of employees working for businesses outside of farming decreased in 27 states and Washington, D.C., while it increased in 22 states.
The largest drop in payrolls was in California, which shed 29,200 jobs, followed by New York with 24,700 jobs, and Pennsylvania with 14,200.
In contrast, the largest increase was in Florida, which gained 28,000 jobs, followed by Ohio with 12,000, and Arizona and Louisiana with 10,100 jobs each.
According to the report, the jobless rates in 43 states and the District of Columbia dropped from May 2010, and rose in only four.
In May, the unemployment rates in 24 states fell from the previous month, while those in 13 states and the District rose.
National employment numbers released earlier this month cast a shadow on the country’s economic recovery. U.S. nonfarm payrolls increased a slight 54,000 in May and the country’s unemployment rate rose to 9.1 percent from April’s 9 percent.
Data at the state level is collected by slightly different methods from the numbers drawn for the national report.
MBS Retreat to Equivocal Range as Volume Dies Down
Volume is average today, but low in the context of the last 3 sessions (1.5 mil, 1.9 mil, 1.8 mil, and then today with just over 900k so far), and it’s getting lower now, in that characteristic post-lunch-time-on-a-Friday sort of way. MBS and Treasuries both gestured toward range breakouts earlier today, but have since retreated to the safety and monotony of their previous ranges. So much for the epic volatility associated with quadruple witching days, eh?! Fannie Mae 4.0 coupons are unchanged on the day at 100-25 and 10yr notes are about 2bps higher at 2.9454. MBS never really got high enough to justify reprices for the better. Indeed, today’s trading range, with the exception of some early morning drama, has been exceedingly boring, equivocal, and without significant implication for the future. 2 hours left for stocks to trade though, so there’s still a chance of something interesting happening into the after-hours bond-market session. MBS would need to fall 3 more 32nds before we’d be much concerned about potential reprices for the worse.
MBS Near Highs. Possible Reprices For The Better
Discuss the MBS and Mortgage Markets on Our Streaming Dashboard
Join Now or Login to Post Comments